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U.S. Bancorp Asset Management, Inc., Announces Financial Positions for Closed-End Funds

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 13, 2006--U.S. Bancorp Asset Management, Inc., today announced the financial positions for the following closed-end funds for the month ended Dec. 31, 2005.

Net investment income and distribution information for the month ended
Dec. 31, 2005:
                                                           Accumulated
                                                           Undistri-
                            Common              Net        buted Net
                            Monthly             Investment Investment
                            Distri-             Income/    Income/
Fund                 Symbol butions(a)          Share(b)   Share(c)

American Strategic
 Income Portfolio    ASP    $0.0600             $0.0605    $(0.0130)
American Strategic
 Income Portfolio II BSP    $0.0800             $0.0700    $0.0576
American Strategic
 Income Portfolio
 III                 CSP    $0.0650             $0.0807    $0.0885
American Select
 Portfolio           SLA    $0.0700             $0.0818    $0.1407
American Income Fund MRF    $0.0425             $0.0432    $0.0029

                                                           Accumulated
                                       Preferred           Undistri-
                            Common     Distri-  Net        buted Net
                            Monthly    butions  Investment Investment
                            Distri-    During   Income/    Income/
Fund                 Symbol butions(a) Month(d) Share(b)   Share(c)

American Municipal
 Income Portfolio    XAA    $0.0720    $0.0178  $0.0823    $0.1315
Minnesota Municipal
 Income Portfolio    MXA    $0.0690    $0.0175  $0.0742    $0.0835
Minnesota Municipal
 Income Fund II      MXN    $0.0590    $0.0195  $0.0726    $0.0246


Financial positions for the month ended Dec. 31, 2005:
                                                                NAV(1)
                                               Total       Net     per
                                              Assets Assets(e)  Common
Fund                                Symbol     (000)     (000)   Share

American Municipal Income
 Portfolio                          XAA     $141,439   $88,670  $15.40
Minnesota Municipal Income
 Portfolio                          MXA      $99,364   $62,808  $15.15
Minnesota Municipal Income
 Fund II                            MXN      $36,527   $22,013  $14.95
American Strategic Income
 Portfolio                          ASP      $58,601   $51,349  $12.14
American Strategic Income
 Portfolio II                       BSP     $250,430  $191,759  $12.00
American Strategic Income
 Portfolio III                      CSP     $306,255  $255,264  $11.95
American Select Portfolio           SLA     $175,908  $142,406  $13.36
American Income Fund                MRF     $103,652   $82,897   $8.77


Financial positions for the month ended Dec. 31, 2004:
                                                                NAV(1)
                                               Total       Net     per
                                              Assets Assets(e)  Common
Fund                                Symbol     (000)     (000)   Share

American Municipal Income
 Portfolio                          XAA     $133,558   $89,453  $15.54
Minnesota Municipal Income
 Portfolio                          MXA      $95,259   $63,504  $15.31
Minnesota Municipal Income
 Fund II                            MXN      $35,132   $21,922  $14.89
American Strategic Income
 Portfolio                          ASP      $60,309   $53,104  $12.55
American Strategic Income
 Portfolio II                       BSP     $235,288  $200,202  $12.52
American Strategic Income
 Portfolio III                      CSP     $336,186  $258,159  $12.09
American Select Portfolio           SLA     $187,321  $139,053  $13.04
American Income Fund                MRF     $120,582   $86,019   $9.10


Financial positions for the month ended Dec. 31, 2003:
                                                                NAV(1)
                                               Total       Net     per
                                              Assets Assets(e)  Common
Fund                                Symbol     (000)     (000)   Share

American Municipal Income
 Portfolio                          XAA     $135,005   $89,448  $15.54
Minnesota Municipal Income
 Portfolio                          MXA      $95,835   $64,307  $15.51
Minnesota Municipal Income
 Fund II                            MXN      $34,703   $21,537  $14.63
American Strategic Income
 Portfolio                          ASP      $68,996   $53,355  $12.61
American Strategic Income
 Portfolio II                       BSP     $275,483  $207,328  $12.99
American Strategic Income
 Portfolio III                      CSP     $354,514  $264,891  $12.41
American Select Portfolio           SLA     $201,240  $142,418  $13.36
American Income Fund                MRF     $113,215   $85,889   $9.08


(1) NAVs are priced as of the close of business on the month-end and
    year, as indicated above.

(a) These distributions were declared on Nov. 18, 2005. They had a
    Dec. 1, 2005, ex-dividend date and were paid on Dec. 28, 2005, to
    shareholders of record on Dec. 5, 2005.
(b) Based on a three-month average.
(c) Accumulated, undistributed net investment income is reflected in a
    fund's net asset value. Any reduction of this amount will reduce
    net asset value penny-for-penny.
(d) Calculated by dividing preferred distributions paid during the
    month by the number of common shares outstanding.
(e) The difference between net assets and total assets for XAA, MXA,
    and MXN is primarily due to the issuance of preferred stock; net
    assets reflect common stock only. For ASP, BSP, CSP, SLA, and MRF,
    the difference is primarily due to the funds' use of borrowings.

The aforementioned financial data is unaudited. It has, however, been obtained from sources deemed reliable.

The funds' investment advisor, U.S. Bancorp Asset Management, Inc., (USBAM) is based in Minneapolis and is a subsidiary of U.S. Bank National Association (USBNA). USBAM provides investment management services to individuals and institutions, including corporations, foundations, pension funds, public funds, and retirement plans, and had combined assets under management of more than $121 billion as of September 30, 2005. USBNA is a subsidiary of U.S. Bancorp. Visit us on the web at usbank.com.

Investment products, including shares of closed-end funds, are not obligations of, or guaranteed by, any bank, including U.S. Bank National Association or any U.S. Bancorp affiliate, nor are they insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency. An investment in such products involves investment risk, including possible loss of principal.

CONTACT: U.S. Bancorp Asset Management, Inc., Minneapolis
Investor Services, 800-677-FUND

SOURCE: U.S. Bancorp Asset Management, Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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